The Internal Audit Division of the bank is an extension of the management and is a tool through which they gauge the qualitative and quantitative output of the field offices. The Internal Audit Division works independent of the management and reports to Audit Committee of the Board of Directors. The Internal Audit Division consists of two departments namely "Audit & Inspection" and "Compliance & Implementation". The Audit and inspection reports are passed on to the implementation department for implementation/compliance and follow-up.
The Internal Audit Division conducts risk based Audit of the bank on the risk matrix mechanism including Compliance Audit, IT Audit and Management Audit.
The fundamental objective of internal audit is to assist the management in materializing their pre-determined goals through established and clearly defined plans, policies and programs, SBP regulations and also to assist them in the effective discharge of their responsibilities, by providing them with reports, information, analysis, appraisals, recommendations and pertinent comments on the activities reviewed. In short the internal auditor renders services to the management to attain their over all objectives and to ensure:
Adequacy and soundness of internal controls within the Bank.
- To monitor and report deviations from management policies and procedures,
if any.
- To safeguard Bank's assets from all typed of losses including fraud.
- To recommend improvements in the systems and operations and pinpoint inefficient and uneconomical operations.
· Accuracy and reliability of management data. |
